How to Give
Leaving Your Legacy is a Good Plan
"The best use of life is to
invest it in something which will outlast life." --
William James
Top 10 Ways to Give
to Camden County College - Without Writing a Check!
1. Wills
- You may appreciate the purpose of Camden County College,
but are financially unable to contribute at the level
you would like during you lifetime. For you, bequeathing
personal assets through a will to the Camden County
College Foundation may be the most appropriate way to
contribute.
Cash, securities, real estate, or
other assets may be contributed through your will.
Your bequest may be designated as a specific amount
or as a percentage of your estate. The value of your
total gift is deducted from your estate prior to computing
estate tax.
2. Life Insurance
- Gifts of life insurance may be
made to the Camden County College Foundation for annual
operations, capital purposes, or to fund a scholarship
or endowment.
If a fully paid policy is donated,
its value is equal to the policy's replacement cost.
The value of a partially paid policy approximates
its cash surrender value. In either case the exact
value can be obtained from your insurance company.
When the Camden County College Foundation is the beneficiary
of your policy, all premiums are fully tax deductible.
This is an excellent way to give a substantial gift
with only a small sum of money.
3. Retirement
Plans - An increasing number of donors are
choosing to leave their retirement plans to charities,
while passing on other non-taxable assets to their heirs.
By naming the Camden County College Foundation as a
beneficiary of your retirement plan (e.g. 401k, IRA,
etc.) you completely avoid the income tax that would
have to be paid on retirement plan assets if they went
to your heirs.
4. Annuities
- Similar to life insurance.
5. Appreciated
Assets -
Gifts of appreciated securities which have long-term
capital gains, and have been held for more than one
year, offer definite tax advantages. A charitable deduction
is permitted for the fair market value of the securities
on the date your gift is made. You pay no capital gains
taxes on the appreciation when making the gift, and
the Foundation pays none when the securities are sold.
Therefore, the actual cost of the gift to you may be
considerably less than the value of the contribution.
6. Property/Land
- Similar to appreciated securities, appreciated real
estate can leverage your donation to the Camden County
College Foundation.
7. Bargain
Sale - If you wish to make a gift of real
or tangible property or assets, but feel you are unable
to give away the item entirely, then a bargain sale
is an attractive alternative.
In effect, Camden County College
buys the asset from you for an agreed upon percentage
of its full fair market value. The difference between
the property's true value and the price the College
pays becomes your charitable deduction.
8. Charitable
Remainder Trust - CRTs irrevocably
transfer property (cash, securities, real estate) in
trust to the Camden County College Foundation. An outside
trustee safeguards and manages your assets in the trust
so that the income from the trust can supplement your
current income.
Upon your death, the assets in the
trust either belong to the Camden County College Foundation,
or the Foundation can choose to continue receiving the
income stream.
9. Charitable
Lead Trust - Similar to a CRT; however, the
Camden County College Foundation receives the income
stream generated by the trust while you are still living.
Upon your death, the trust assets are transferred to
a non-charitable beneficiary with significant tax advantages.
10. Pooled
Income Fund - Similar to a CRT, however,
smaller gifts from separate donors are co-mingled for
investment purposes. In return, each named beneficiary
receives an annual proportionate share of the net income
earned by the fund.
Any of these giving
options should be coordinated with your attorney, accountant,
and/or financial advisor.
Leave Your Legacy
This is a brief overview of the planned
giving options available for making a legacy gift to
Camden County College. Any of these gifts can become
an enduring tribute to a family member or other loved
one, and be used to commemorate or memorialize an event
such as a birthday, anniversary, or graduation.
We realize that making a planned gift
to Camden County College is a major personal decision.
Foundation staff and volunteer financial planning volunteers
are available to assist you, and your advisor(s), in
determining the most appropriate gift for your circumstances,
and to assure that your gift is used as you intend.
For additional information about Planned
Giving options, or to schedule an appointment to discuss
your plans, contact the Foundation Office at 856.227.7200
ext. 4258 or email wthompson@camdencc.edu. |
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